FTX’s Domino Affect Still Underway-Crypto Markets Including Bitcoin May Remain Bearish Indefinitely!

The FTX crisis is not believed to stop right away, as the contagion is likely to spread wider, trapping more institutions or platforms. The Bitcoin price is currently trading between the interim resistance & support levels that appear to be decisive but may carry huge possibilities of a massive pullback in the coming days. 

The recent addition to the fallout, Blockfi, has fueled bearish sentiments within the crypto space. Meanwhile, the CEO has cleared all the rumours surrounding the liquidity crisis, but still, the ripple effect of FTX continues to prevail. However, the BTC price is expected to be deeply impacted by the fallout, which has been experiencing high exchange outflows in recent times. 

However, in the coming days, the BTC price is expected to head towards the final capitulation phase and drop heavily below $15,000. 

The SMA or Simple moving average acts as alternative resistance levels and a cross-over between 20-day SMA and 50-day MA is being witnessed which is largely considered as bearish. The RSI, MACD, StochasticRSI, etc are extremely bearish in the short-term & long-term, hence nullifying the possibilities of a rebound in the near future. 

However, the final capitulation phase is expected to begin any moment now as the markets appear to have been more or less stagnant for over a week. The bearish volume is expected to kick in at any time and hamper the progress of the rally by extending the recovery phase indefinitely. Therefore, a popular analyst who rightly predicted the 2022 crash advises his followers to exit all the markets right away. 

The analyst here is hinting towards the upcoming bearish action that may pull the crypto space towards the next support zone. Meanwhile, traders are expected to keep a close watch over the entire crypto space, especially the Bitcoin(BTC) price movements. 

Source: https://coinpedia.org/price-analysis/ftxs-domino-affect-still-underway-crypto-markets-including-bitcoin-may-remain-bearish-indefinitely/